{"id":1004188740,"date":"2017-09-08T02:14:42","date_gmt":"2017-09-08T10:14:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004188740"},"modified":"2025-02-26T02:46:16","modified_gmt":"2025-02-26T10:46:16","slug":"employment-gains-spur-growth-in-philadelphia","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/employment-gains-spur-growth-in-philadelphia\/","title":{"rendered":"Employment Gains Spur Growth in Philadelphia"},"content":{"rendered":"

By Alexandra Pacurar<\/p>\n

\"Philadelphia<\/a>

Philadelphia rent evolution, click to enlarge<\/p><\/div>\n

An evolving wage structure, influx of young professionals and boom in hospitality and development are helping Philadelphia\u2019s multifamily market keep its head above water. In an effort to attract employment, the city lowered its wage tax again in July. For the first time in 25 years, the metro is adding jobs at a faster pace than its regional peer New York City, with education and health services remaining the city\u2019s economic backbone.<\/p>\n

Children\u2019s Hospital of Philadelphia alone added 600 jobs in the past year. High-earning sectors such as professional services, finance and information are also attracting skilled labor and increasing demand for office space, particularly in the central business district. The $300 million investment in the expansion and modernization of the Port of Philadelphia is also expected to create at least 9,000 jobs in the trade and transportation sector. A number of vacant buildings in core submarkets are being redeveloped into luxury mixed-use high-rises. In University City, Schuylkill Yards, a $3.5 billion project, will transform the area around Drexel University into an innovation hub.<\/p>\n

With 4,500 units slated to come online in 2017, this year is expected to exceed the 2016 cycle peak of 4,000 units. The expanding economy and the fact that millennials are flocking to Philadelphia\u2019s core should keep demand healthy for the foreseeable future. We expect rent growth to reach 2.4 percent by year-end.<\/p>\n

Read the full Yardi Matrix report<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

An evolving wage structure, an influx of young professionals and the boom in hospitality and development are helping the metro’s multifamily market keep its head above water.<\/p>\n","protected":false},"author":236,"featured_media":1004188742,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,11,21742,10,1494],"tags":[],"class_list":["post-1004188740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-midatlantic","category-latest","category-northeast","category-philadelphia"],"acf":[],"yoast_head":"\nEmployment Gains Spur Growth in Philadelphia - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/employment-gains-spur-growth-in-philadelphia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Employment Gains Spur Growth in Philadelphia\" \/>\n<meta property=\"og:description\" content=\"An evolving wage structure, an influx of young professionals and the boom in hospitality and development are helping the metro's multifamily market keep its head above water.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/employment-gains-spur-growth-in-philadelphia\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-09-08T10:14:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-26T10:46:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/MatrixPhiladelphia_covers_800x620-new-logo.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Alexandra Both\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/employment-gains-spur-growth-in-philadelphia\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/employment-gains-spur-growth-in-philadelphia\\\/\"},\"author\":{\"name\":\"Alexandra Both\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/92454aa9920287f97bb7f9888b2836f7\"},\"headline\":\"Employment Gains Spur Growth in Philadelphia\",\"datePublished\":\"2017-09-08T10:14:42+00:00\",\"dateModified\":\"2025-02-26T10:46:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/employment-gains-spur-growth-in-philadelphia\\\/\"},\"wordCount\":249,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/employment-gains-spur-growth-in-philadelphia\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2017\\\/08\\\/MatrixPhiladelphia_covers_800x620-new-logo.jpg\",\"articleSection\":[\"Featured\",\"Mid-Atlantic\",\"News\",\"Northeast\",\"Philadelphia\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/employment-gains-spur-growth-in-philadelphia\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/employment-gains-spur-growth-in-philadelphia\\\/\",\"name\":\"Employment Gains Spur Growth in Philadelphia - 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